
<PAGE>   1




EXHIBIT 23.3


              CONSENT OF AKIN, GUMP, STRAUSS, HAUER & FELD, L.L.P.


We hereby consent to the reference to our firm under the caption "Legal Matters"
in the Registration Statement (Form S-3) and related Prospectus of American
Financial Group, Inc. for the registration of $500,000,000 of its Debt
Securities and Common Stock and Preferred Securities of American Financial
Capital Trust II. In providing this consent, we do not thereby admit that we are
within the category of persons whose consent is required under Section 7 of the
Securities Act of 1933, as amended, or the rules and regulations of the
Commission promulgated thereunder.




                                      AKIN, GUMP, STRAUSS, HAUER & FELD, L.L.P.

Cincinnati, Ohio
February 7, 1997




